Mexico's Vitro downgraded to 'neutral'

Date: 29 August 2002
Source: Reuters

Date: 29 August 2002

Salomon Smith Barney said it downgraded on Monday Mexican glass maker Vitro VTO.N Vitroa.MX to "neutral" from "outperform" because of the sudden departure of Chief Financial Officer Luis Nicolau.

"Considering how important it is for a high-leveraged company like Vitro to maintain its focus on debt repayment, the sudden departure of Luis Nicolau, its CFO, sends a troubling signal," analyst Pablo Burbridge said in a research note.

"The lack of proper explanation for his resignation increases the chances it resulted from conflicts regarding the future direction of the group," Burbridge said.

"As a result the significant cash flow reinvestment risk of the company has in our opinion increased. We are thus downgrading the stock from an outperform to a neutral," he added.

600450 Mexico's Vitro downgraded to 'neutral' glassonweb.com

See more news about:

Others also read

MORE...

Apogee Q3 results up on architectural glass activities
Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.
PPG Names Wulfsohn to European Post
William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Bystronic acquires Armatec Vierhaus GmbH
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
Owens-Brockway Glass Container Closes on Sale of Additional $175 Million Principal of 8-3/4% Senior Secured Notes
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
Pilkington: New home for butterflies
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
Southwall Names Michael E. Seifert as Sr. Vice President and Chief Financial Officer
Southwall Technologies Inc. (NASDAQ: SWTX), a global developer, manufacturer and marketer of thin-film coatings for the automotive glass, electronic display and architectural markets, has named Michael E.

Add new comment